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Adopting digital transformation is changing the methods through which companies' function, generating novel possibilities and difficulties that force firms to adjust to remain competitive in the digital era. It is critical for firms to embrace this change and utilize technology to develop a more flexible, proactive and effective approach as digital transformation continues to advance at an accelerating pace. Vietnam has been placed at the forefront of these changes in attracting investments and becoming a hub of international trade. As a result, Vietnamese firms have been implementing restructuring and adopting digital transformation to remain competitive with the flow of foreign investment. This paper aims to examine the effects of digital transformation on corporate restructuring in Vietnam. The authors then investigate the moderating role of corporate governance in the digital transformation – corporate restructuring nexus.

The authors employ content analysis to extract information from the annual reports of 747 Vietnamese listed companies, where the authors focus on specific phrases, such as “digitalization”, “big data”, “cloud computing”, “blockchain” and “information technology” over a period of 11 years, from 2011 to 2021. The frequency count of these keywords is calculated to represent the level of digital transformation for the Vietnamese listed firms. A final sample of 118 Vietnamese listed firms with sufficient data is selected for the analysis using the generalized method of moments (GMM) approach.

The results indicate that digital transformation and corporate governance negatively impact corporate restructuring when their effect on corporate restructuring is examined independently. However, corporate governance strengthens the effect of digital transformation on corporate restructuring.

This paper is one of the first to investigate the moderating role of corporate governance on the effect of digital transformation on corporate restructuring in Vietnam. The findings inspire listed firms in Vietnam to implement digital transformation during their corporate restructuring to enhance performance.

This study aims to analyze the effect of cognitive load and social value orientation on managers’ preferences when they face with two types of restructuring choices in financially distressed firms: the first belonging to the family of organizational restructuring (massive layoffs) and the second to the family of financial restructuring (debt increases).

The authors investigate experimentally the impact of managers’ cognitive load and social value orientation on the decision to restructure leveraged buyout (LBO) firms in financial distress by using either massive layoffs or debt increases.

By investigating the impact of managers’ cognitive load and social value orientation on the restructuring decision of an LBO firm in financial distress, the research reveals that, on average, cognitively loaded managers prefer massive layoffs over increased debt levels. The massive layoffs seemingly provide a relatively easier way to avoid conflict with influential, residual claimants. In contrast, social value–oriented managers actively avoid massive layoffs and prefer to increase debt.

These results imply that the performance mechanisms emphasized to improve agency relations, for example, in LBOs, have their own limitations during periods of financial distress. This study shows that one of these limits is related to cognitive distortions and personality traits.

In this research, the originality lies in understanding how managers’ internal factors affect their restructuring decision-making, in the case of LBO firms in financial distress.

The present study, by using signaling perspective aims to investigate short-term valuation impact of rebranding announcements (with name change) on stock performance of 160 service firms listed on NSE NIFTY-500 over the period of 2000–2019.

An event study methodology is used to estimate the cumulative abnormal returns (CARs) and its statistical significance is tested with both parametric and non-parametric test-statistics. Separate analysis has been conducted for firms with “major vs minor” and “restructuring vs non-restructuring” name change.

Findings of the study suggest that rebranding decisions are negatively associated with abnormal returns around the announcement period indicating strong disapproval of name change event. In addition, investors formed strong adverse opinion for major name change firms as compared to minor name change firms. Further, restructured name change sample document larger negative drift than non-restructured sample.

Findings offer substantial repercussions for shareholders who can make informed judgments about name change as a signal of reinventing brand identity. Managers should announce detailed rationale behind name change decision to market for enhancing corporate reputation.

This study contributes to marketing-finance interface literature and is first to examine market reaction to name change of Indian service firms and moreover, made a distinction between major vs minor and restructured vs non-restructured name change events for these firms.

This study aims to investigate the link between audit quality and in-court debt restructuring. The aim is to understand whether the confirmation of debt restructuring plans is affected by audit quality, which, in the light of agency theory, reduces information asymmetries between outsiders (creditors and the court) and insiders (shareholders and managers) of the debtor company.

A logistic regression is performed to test whether higher audit quality is associated with an increased probability of successfully completing a debt restructuring proceeding (RP). Consistent with the literature, audit quality is assessed ex ante based on auditor size, which is used as a proxy for independence. The analysis considers private Italian companies.

Audit quality positively affects debt restructuring. Among financially distressed companies, those audited by an audit company are more likely to succeed in RPs than those audited by a single practitioner. There is no evidence of a Big N effect.

This study fills a gap in literature as, in contrast to other financial and governance characteristics, audit quality has never been studied before as a determinant of efficient restructuring. It contributes to the literature on auditing and governance by highlighting the importance of audit quality in complex situations such as RPs, and it expands on debt restructuring literature by considering the importance of the information exchanged during RPs.

This study aims to examine configurations of person-centered psychological change during organizational restructuring and downsizing in a public sector setting. Drawing on a social cognitive framework of organizational change the authors explore and identify the existence of different groups of employees who demonstrate varied responses (on commitment, engagement and anxiety) to restructuring and downsizing.

Surveys were collected from employees in three longitudinal waves (Time 1 N = 253; Time 2 N = 107; Time 3 N = 93, twelve months apart) at a UK public sector organization shortly before, during and after restructuring and downsizing.

Three classes of response emerged based on levels of and change in anxiety, organizational commitment and work engagement: a positive “Flourishers” profile was identified along with two relatively negative response profiles, labeled as “Recoverers” and “Ambivalents”. Higher levels of job control accounted for membership of the more positive response profile; higher structural uncertainty predicted membership of the most negative response group.

Using a person-centered approach, the authors form an understanding of different types of employee responses to downsizing; along with potential factors that help explain why groups of employees may exhibit certain psychological response patterns and may need to be managed differently during change. Thus, this approach provides greater understanding to researchers and managers of the varied impact that restructuring/downsizing has on the workforce.

To date there has been little research exploring employee responses to organizational restructuring and downsizing that has attempted to take a person-centered approach, which assumes population heterogeneity. Unlike variable centered approaches, this unique approach helps identify different patterns of employee responses to restructuring and downsizing.

The purpose of this study is to probe into the influence mechanism of financial opening onto industrial restructuring from the prism of financial development and examine the role of the credit market, capital market and currency market in transmitting the impact of financial opening onto industrial restructuring in both developed countries and developing countries.

In the theoretical model, the indicator of financial opening was introduced in Cobb–Douglas production function formula. Using constant elasticity of substitution utility function, based on Engel’s law, the optimal industrial structure in the economy was concluded. For the empirical analysis, data was collected from 36 developed countries and 34 developing countries during the period 2000 to 2019. Multiple mediator models with bootstrap techniques were used to identify the linkage between financial opening, financial development and industrial restructuring.

First, there is a U-shaped relationship between financial opening and industrial restructuring. Second, financial development plays a mediating role in transmitting the effects of financial opening onto industrial restructuring mainly through the credit market at the global level. Third, developed countries are in a trend of “reindustrialization,” while developing countries show a trend of “premature deindustrialization.” Moreover, for developed countries, the capital market leads to reindustrialization, while the credit market and currency market contribute to deindustrialization. For developing countries, the capital market and credit market lead to deindustrialization, while the currency market contributes to industrialization.

Unlike most previous researches, this paper focuses on examining three-variable relationship between financial opening, financial development and domestic industrial restructuring. Against the backdrop of the pandemic, monetary policy shifts of developed economies have led to an increase in cross-border capital flows, which will lead to the increasing risks for international financial markets and the reallocation of the global value chain. It is of great significance to clarify the linkage between these three variables in the face of a volatile international financial environment.

This chapter is focused on what we can learn from oppressive governance, in this case specifically relating to university governance in terms of vice chancellors and presidents, to the deputy vice chancellor and deputy president and down the ever-growing university hierarchy to deans and heads of schools and their deputies, from a Freirean perspective. Freire wrote at length about how leaders ‘controlled’ education and why they did so, but he also wrote at length about how governments control populations – himself being both a political prisoner and a person in exile to escape persecution. This chapter subsequently examines Freire's ideas around what techniques people employ to control populations and applies them to a higher education setting because the similarities are numerous and the tactics familiar.

The case was developed from secondary sources and interviews with a security analyst. The secondary sources include company annual reports, news reports, analyst reports, industry reports, company websites, stock exchange websites and databases such as Bloomberg and CMIE Prowess.

Increasing competition in product and capital markets has put tremendous pressure on managers to become more cost competitive. To address their firms' uncompetitive cost structures, managers may have to consider dramatic restructuring of their businesses. During 2014–2017, Tata Steel Ltd (TSL) UK considered a series of divestitures and a merger plan to nurse the company back to health. The case considers the economics of the restructuring plan. The case is designed to help students analyze a corporate downsizing program undertaken by a large Indian company in the UK and to highlight the dynamic role of the CFO and governance issues in family firms. It introduces students to issues surrounding a typical restructuring and provides students a platform to practice the estimation of value creation in a restructuring exercise. While some cases on corporate restructuring in the context of developed economies are available, there are very few cases written in an emerging market context. This case bridges that gap. TSL presents a unique opportunity to study corporate restructuring necessitated by a failed cross-border acquisition. It illustrates the potential for value loss in large, cross-border acquisitions. It shows how managerial hubris can prompt family firm owners to overbid in acquisitions and create legacy hot spots. In addition, the case can be used to discuss the causes of governance failures such as weak institutional monitoring and poor legal enforcement in emerging markets that could potentially harm minority shareholders.

The case was developed from secondary sources and interviews with a security analyst. The secondary sources include company annual reports, news reports, analyst reports, industry reports, company websites, stock exchange websites and databases such as Bloomberg and CMIE Prowess.

This paper illustrates the socio-political nature of accountings, referring to the partial privatisation of the monopoly telecommunications organisation in a lower-middle-income country.

Actor-network theory and an ANTi-history approach are used to trace circumstances and occurrences. Empirical materials include official documents, print media and retrospective interviews with organisation employees ten years on from the privatisation.

Proponents of privatisation used retrospectively constructed historical accounts to problematise the natural monopoly of telecommunications and the government organisation administering it. A restructuring programme followed. Proponents addressed controversies pertaining to the programme thus garnering widespread support for complex and controversial changes. Proponents produced and reproduced accounting artefacts as evidence in these processes of history reconstruction, consequent changes and restoring stability to telecommunications in its reconfigured commercial domain. The proponents used selective, controversial accounting evidence to problematise the government organisation's existence, then to mobilise various actors to reduce and close the controversies previously aroused and reinstate stability in a partially privatised telecommunications company. Although no longer having a monopoly this company still dominates. Dissenters did the same but with little success.

The findings demonstrate the importance of tracing the socio-political process of arriving at the dominant outcome about the past. This assists in making sense of present circumstances and re-imagining the future.

The study demonstrates that, during controversial circumstances, taken-for-granted history, as well as what is thought to have not existed in the past, support the dominant network in gaining advantage over their opponents and black-boxing their perspectives of how things should be.